Iranian officials described room for dialogue on Nov. 2 as oil futures fell more than 7%, a market move Reuters linked to hopes for progress in ending the conflict.
At the Nov. 2 close, Brent crude futures stood at $104.77 a barrel, down $8.66, or 7.63%. West Texas Intermediate (WTI) futures ended at $96.46 a barrel, a $7.66 decline, or 7.36%, Reuters reported. CNA repeated the settlement figures in an updated article. During the session, Reuters reported lows of $103.28 a barrel for Brent and $95.15 for WTI. At 5:20 a.m. ET (10:20 GMT), Reuters had reported both benchmarks down about 4.2%; EconoTimes covered the oil decline in an earlier report on Indian government bonds.
Iran’s state news agency IRNA reported that President Masoud Pezeshkian said Supreme Leader Mojtaba Hosseini Khamenei had given the government “certain authorities” related to dialogue. IRNA did not detail what those authorities covered.
Foreign Ministry spokesperson Esmaeil Baqaei told IRNA that Tehran was still exchanging messages with Washington through mediators. He described Deputy Foreign Minister Kazem Gharibabadi’s visit to Doha as an effort to facilitate communication. Foreign Minister Abbas Araghchi said acceptance of Iran’s conditions was required before the Strait of Hormuz could reopen and full talks resume. He identified Doha and Islamabad as mediators, IRNA reported.
Reuters said the conflict began at the end of February and disrupted shipping through the Strait. It also cited ADNOC chief executive Sultan Al Jaber’s estimate that the interruption had reduced inventories by almost 1 billion barrels.
The Iranian statements reviewed did not announce a deal or set a date for another meeting. Reuters and CNA said Brent had ended October at a six-month high amid concern the conflict could intensify after the U.S. midterm elections, scheduled for Tuesday, Nov. 3.
